Not a thrilling day yesterday…but ramped a bit into the close as the confusion out of the White House continues on trade. We think we heard 3 different stories yesterday.
We are of the camp that yesterday’s highs will be the highs for now but earnings earnings earnings.
This morning, DOW futures best as IBM up $9 on crappy numbers and a ridiculously low tax rate…BUT…they say things are getting better. PG up $3.70 and UTX up $4.50 doing the trick.
Except for the employment number, most economic numbers (not all) continue to be soft and softer. Housing numbers yesterday were terrible. But there is a line of thinking that bad is good because it insures our fed to stand pat and the rest of the central banks to continue easing. CHINA just went on a one day whopping $83 billion spending spree on top of everything else they have been doing.